Starting with 1 November 2010, all banks in the euro area are reachable for cross-border SEPA direct debits as mandated by European Union (EU) law.
1 November 2010 is an important target date for the roll-out of SEPA Direct Debit services by banks. EU Regulation (EC) No 924/2009 establishes mandatory reachability of all banks in the euro area for cross-border direct debits.
In practice, this means that any consumer who holds an account in the euro area, which provides the option to make euro direct debit payments at a national level, can now make cross-border payments by SEPA Direct Debit as well.
As a result, paying bills becomes significantly easier for mobile European citizens. At the same time, companies are now able to collect payments by SDD across the euro area resulting in enhanced business opportunities.
EPC Chair Gerard Hartsink comments: “The scene is set to bring SEPA to its successful conclusion. It is now up to EU lawmakers to provide planning security to all market participants by setting a clear deadline for migration to the SEPA Schemes.”
According to European Payments Council, 3.884 banks have now adhered to the SDD Core Scheme which went live on 2 November 2009 and 3.364 banks have now adhered to the B2B SDD Scheme which went live on the same date.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
